Order To Cash Solutions: A Step-By-Step Guide To Achieving Fully-Integrated Payment Solutions
FULLY-INTEGRATED PAYMENTS FOR ACCOUNTS RECEIVABLE MANAGEMENT
For many organizations, manual processes and siloed systems have become mainstay of accounts receivable management. As more customers demand that their payments are honored faster and more appropriately, it is important to ensure that all accounts receivable processes are managed through fast, secure, and unified payment platform. The Order to Cash Solution often abbreviated to OTC can offer such benefit to the finance department, allowing executives and their teams the power to take full advantage of their businesses electronic payments capabilities.
An OTC solution is comprehensive collection of software tools and services that provides an integrated, automated intelligence into accounts receivable and cash flow forecasting, allowing customers to easily manage business payments. By leveraging an up-to-date complete view of customer receivables, this solution also enables businesses to collect payments with ease, significantly reduce operational costs, and improve customer service.
In this guide, we?ll take closer look at the features and functions of an OTC solution, helping executives and their respective departments understand the value of such solution and how it can transform the way the accounts receivable department runs.
Step 1: Defining the Payment Platform Requirements
The first step when considering OTC solutions is to define the exact payment platform requirements, both from the customer and from the businessestandpoint. Additionally, if the business already has any existing software in place that can help support the OTC solution, then these systems should also be taken into account.
The customer requirements for an OTC solution should include the need for secure online portal, with an intuitive interface that allows customers to manage their payment preferences and personal information. Similarly, the business will need platform that allows it to accurately capture and track customer data, so that it generates the necessary financial reports and analytics.
Step 2: Assessing the Benefits of an OTC Solution
The most important step in the process is to evaluate the potential benefits that an Order to Cash Solution could bring to the organization. These benefits will range from cost savings and operating efficiency to improved customer satisfaction and reporting accuracy.
For example, cost reductions could come in the form of streamlining the payment process, reducing processing times and eliminating the need for manual reconciliation and intervention. In terms of improved customer service, the OTC solution can offer more convenient payment methods and detailed billing information, enhancing the customer experience and leading to improved customer satisfaction.
Furthermore, an OTC solution can greatly increase the efficiency of the accounts receivable process, by automating tasks such as invoicing and collection, and allowing timely and accurate forecasting of payments. This will ultimately provide executives with more timely and accurate cash flow forecasts, allowing them to plan more proactively and with greater confidence.
Step 3: Integrating the Payment Solution
Once the needs and the potential benefits of an Order to Cash Solution have been identified and clearly defined, the next step is to begin the integration process. The complexity of the integration process will depend on the existing software platforms in place, as well as the specific requirements of the business.
Broadly speaking, the integration process will involve getting the back-end systems connected and configuring them to the payment channel(s) that are best suited to the businesses specific requirements. This may include connecting with external payment processors such as Paypal, Worldpay, or Stripe, setting up custom notifications, testing and setting up recurring payments, and more.
Step 4: Leveraging the Full Capabilities of the Solution
Following the successful integration of the OTC solution, the last step is to leverage the full functionality of the solution. This involves individual users, such as sales and finance teams, becoming familiar with the platform, training them on how to use the features, and most importantly ensuring that internal processes are accurately aligned with those of the OTC solution.
Executives should also review and measure the performance of the payment platform, making sure that the platform actually adds value to the organization. This review may reveal potential opportunities in terms of improving the customer experience and streamlining payment processes, and introduce more complex payment methods such as cryptocurrencies.
Conclusion
Order to Cash Solutions offer organizations immense advantages when it comes to effectively managing accounts receivable payment processing. From cost savings to improved customer service and accurate forecasting, this solution can revolutionize the way business handles its financial operations. By following the steps outlined in this guide from identifying the payment platform requirements to leveraging the full capabilities of the OTC solution executives can ensure that their accounts receivable teams are taking full advantage of this powerful, integrated payment solution.
